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MARKETS LIVE BLOG:

STOCK FUTURES CLIMB AS RATE-HIKE FEARS FADE, WITH APPLE ON DECK

Wall Street bracing for drop in revenue, potentially hefty pullback in iPhone sales in China

UPDATE 1-Slim's Carso clinches pipeline deal with Mexico state power firm

Reuters
·1 min read

(Adds details on pipeline in paragraphs 2-3, previous acquisition by Grupo Carso in paragraph 4)

MEXICO CITY, Dec 21 (Reuters) - A unit of Mexican conglomerate Grupo Carso has signed an agreement with state power utility CFE to build a gas pipeline in northern Mexico, the company said in a filing on Thursday.

Carso, which is controlled by the family of Mexican billionaire Carlos Slim, said the pipeline will be 416 kilometers (258 miles) long, but did not disclose the size of the investment.

The project will be a continuation of the Samalayuca-Sasabe gas pipeline in northern Mexico to the border city of Mexicali in Baja California state, the company said.

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The conglomerate recently reached a deal on the indirect purchase for $530 million of a 50% stake in the offshore, shallow water Ichalkil and Pokoch oil fields.

President Andres Manuel Lopez Obrador backed the deal, saying he supports the oil fields being in Mexican hands. (Reporting by Valentine Hilaire; Editing by Edmund Klamann)